MGM: We're Not For Sale, And We Have Plenty Of Money. But We'd Still Like Some More

MGM insists --- loudly -- that it's not for
sale and has plenty of money. But it does acknowledge, as both
BusinessWeek and the NY Post reported, that it has hired Goldman Sachs
"to explore enhancements to MGM's long-term capital structure."
In other words: We could use
some more money, actually. Do you know anyone?

It's a tough time for any movie studio to look for financing (we
still have yet to see the
Dreamworks-Reliance close), let alone MGM. The studio
fund-raised without success last year, even though Merrill Lynch
was able to scrounge up $500 million for United Artists.

MGM:
Contrary to recent media reports, Metro-Goldwyn-Mayer Studios
Inc. (MGM) is not for sale. There is no "asking price" for the
company. MGM's existing financing arrangements are sufficient to
meet its needs. Goldman, Sachs has been retained to explore
enhancements to MGM's long-term capital structure. All of the MGM
shareholders, including Providence Equity Partners, TPG, Sony
Corp. Of America and Comcast Corp, are pleased with the Company's
current momentum and are committed to the future growth of the
studio.